Shopify Inc. (SHOP) 2026 Q2 法說會逐字稿

Good morning, and thank you for joining Shopify's second-quarter 2026 conference call. I'm Shane Kleinstein, Director of Investor Relations. And joining us today are Harley Finkelstein, Shopify's President; and Jeff Hoffmeister, our CFO. After their prepared remarks, we will open it up for your questions.

早安，感謝各位參加 Shopify 2026 年第二季財報電話會議。我是投資人關係總監 Shane Kleinstein。今天與我們一同出席的還有 Shopify 總裁 Harley Finkelstein，以及我們的財務長 Jeff Hoffmeister。在他們的事先準備發言之後，我們將開放提問。

Today's call will include certain forward-looking statements that are based on assumptions and therefore, subject to risks and uncertainties that could cause actual results to differ materially from those projected. Undue reliance should not be placed on these forward-looking statements. We undertake no obligation to update or revise these statements, except as required by law. You can read about these assumptions, risks, and uncertainties in our press release this morning as well as in our filings with the US and Canadian regulators.

今天的電話會議將包含若干前瞻性陳述，這些陳述係基於假設，因此可能受到風險與不確定性影響，致使實際結果與預期有重大差異。請勿過度依賴這些前瞻性陳述。除法律要求外，我們不承擔更新或修訂這些陳述的任何義務。您可在我們今早的新聞稿以及向美國與加拿大監管機構提交的文件中，閱讀相關假設、風險與不確定性。

We'll also speak to adjusted financial measures and other non-GAAP measures, which are not a substitute for GAAP financial measures. Reconciliations between the two are provided in our press release.

我們也將談及調整後財務衡量指標及其他非 GAAP 指標，這些並不能取代 GAAP 財務衡量指標。兩者之間的調節表已於我們的新聞稿中提供。

And finally, we report in US dollars, so all amounts discussed today are in US dollars unless otherwise indicated.

最後，我們以美元作為報告幣別，因此除非另有說明，今天討論的所有金額均以美元計。

With that, I'll turn the call over to Harley.

接下來，我把電話交給 Harley。

Good morning, and thanks, everyone, for joining us today.

早安，也謝謝各位今天加入我們。

We've got another exceptional quarter to talk about here at Shopify. Here's what that looks like in the numbers. GMV was up 32% to $116 billion, with broad growth across our merchant sizes, geographies, and sales channels. Our revenue was up 34% to $3.6 billion, and our free cash flow margin was 18%. That's a growth rate of 30% or more across every metric. And this marks our fifth straight quarter of GMV growth above 30%.

我們在 Shopify 又有一個非常出色的季度可以與各位分享。以下是數字所呈現的成果。GMV 成長 32% 至 1,160 億美元，且在不同規模的商家、各地區以及各銷售渠道均呈現廣泛成長。我們的營收成長 34% 至 36 億美元，自由現金流利潤率為 18%。這代表每一項指標的成長率都達到或超過 30%。而這也標誌著我們連續第五個季度 GMV 成長超過 30%。

Now of all the numbers, our GMV is the one worth repeating. Our merchants processed $116 billion this quarter. This is commerce at an extraordinary scale flowing through the platform. And it also tells us that our merchants are thriving.

在所有數字之中，我們的 GMV 值得再強調一次。本季度我們的商家處理了 1,160 億美元的交易額。這是以極為驚人的規模在平台上流動的商務活動。同時也告訴我們，我們的商家正蓬勃發展。

Okay. Now for the story behind those numbers. Since day one, our operating principle has been simple and consistent. Shopify creates what most merchants need most of the time, and for everything else, we empower our incredible ecosystem of partners. I know you've all heard that before, but here's why it matters now. The principle that got us here also explains why we're able to deliver durable growth quarter after quarter, and it perfectly captures how we are building to win in this new era of commerce.

好。接下來談談這些數字背後的故事。從第一天起，我們的營運原則一直簡單且一致。Shopify 打造多數商家在多數時間所需要的功能；而對於其他需求，我們賦能我們卓越的合作夥伴生態系。我知道各位以前都聽過，但以下是它在此刻的重要性。帶領我們走到今天的原則，也解釋了為何我們能夠一季又一季地交付持久的成長，並且精準概括了我們如何在這個商務新時代打造致勝之道。

Let me explain. First, our addressable market of most merchants is now a very large pool. Because we made it easier to start, there are now simply more merchants to serve, and the breadth of our capabilities has expanded so that merchants of all sizes now run on Shopify.

我來說明一下。首先，我們可觸及的市場——也就是多數商家——如今已是一個非常龐大的池子。因為我們讓開店更容易，市場上自然出現更多商家需要服務；同時我們能力版圖也持續擴大，使得各種規模的商家如今都在 Shopify 上營運。

Second, the range of those most of the time merchant needs is expanding quickly. They need access to new and emerging surface areas. They need best-in-class tools that will allow them to keep pace with the rate of change in commerce. And they need it all in one place. Added complexity only reinforces the demand for a simple, unified platform that they can rely on, and that is Shopify.

第二，多數時間的商家需求範圍正在快速擴張。他們需要觸及新的與正在興起的觸點與場域。他們需要同級最佳的工具，才能跟上商務變化的速度。而且他們需要把這一切都集中在同一個地方。不斷增加的複雜度只會更強化對簡單、統一且可依賴的平台之需求，而那就是 Shopify。

Here's the third critical piece. Our open ecosystem model is uniquely well-suited to this agentic era. We have always focused on most merchant needs while making the platform extensible for everything else. We build the primitives, we open them up, and we let the best developers and the best companies in the world build on top of us.

第三個關鍵要素如下。我們的開放式生態系模型，特別適合這個代理（agentic）時代。我們一向專注於多數商家的需求，同時讓平台對其他需求具備可擴展性。我們打造底層基元（primitives），將其開放，並讓全球最優秀的開發者與公司在我們之上進行建構。

In the last year, we kicked that model into a whole new gear. Some of the largest technology companies in the world, like OpenAI, Google, Meta, and Microsoft, have chosen to partner with us to open more front doors for commerce. Every new surface area they build is another place our merchants can sell, all because they're on Shopify.

在過去一年，我們把這個模式推進到全新檔位。全球一些最大的科技公司，例如 OpenAI、Google、Meta 與 Microsoft，都選擇與我們合作，為商務開啟更多「前門」入口。他們打造的每一個新觸點，都是我們商家可以銷售的另一個地方，而這一切都因為他們在 Shopify 上。

On top of this, thousands of developers all over the world are embedding commerce into their own applications using the same primitives we built. Thousands of new front doors, all built on one unified foundation, the Shopify platform.

此外，全球各地數以千計的開發者，正使用我們打造的同一套基元（primitives），把商務嵌入到他們自己的應用程式中。數以千計的新入口，全都建立在同一個統一的基礎之上——Shopify 平台。

As commerce continues to fragment, Shopify becomes an even more critical partner because we provide consistent and reliable infrastructure that makes every shopping experience feel seamless. Whether commerce is handled by humans or agents, whether stores are built by people or AI, Shopify runs underneath it all.

隨著商務持續碎片化，Shopify 變得更加關鍵，因為我們提供一致且可靠的基礎設施，讓每一次購物體驗都感覺無縫順暢。無論商務是由人或代理（agents）來處理，無論商店是由人或 AI 建立，Shopify 都在底層支撐一切。

For 20 years, we've built the commerce operating system that takes merchants from first sale to full scale by using our partner ecosystem as an extension of our platform. That is our muscle memory. And this model will continue to service even better in this new agentic era of commerce.

20 年來，我們打造了商務作業系統，透過將合作夥伴生態系作為平台的延伸，協助商家從第一筆銷售走向全面規模化。那是我們的肌肉記憶。而在這個商務的新代理時代，這個模式將持續為我們提供更好的服務。

So let's talk more about Shopify's infrastructure, specifically what we've been building and why it matters so much. We have a very strong conviction that commerce experiences will soon be built into everywhere people are spending their time, that is why our latest product drop was called The Everywhere Edition. We are building now so our merchants are ready for the future.

接著我們更深入談談 Shopify 的基礎設施，特別是我們正在打造什麼，以及為何它如此重要。我們非常堅信，商務體驗很快就會被建置到人們花時間的每一個地方；這也是我們最新一次產品發布被稱為「The Everywhere Edition」的原因。我們現在就開始建構，讓商家為未來做好準備。

Let's talk about that infrastructure that unlocks commerce everywhere. First, our Catalog, which you can think of as the authoritative source of truth for AI product discovery of the world's best products and best brands. For nearly two years, we've been investing in the search index, ensuring over a billion products and 20 years of commerce experience is distilled for agents. It structures merchants' product data so every and any AI partner can access it directly, giving agents the ability to discover, understand, and recommend our merchants' products.

讓我們談談能解鎖「無所不在的商務」的那套基礎設施。首先是我們的 Catalog，你可以把它視為 AI 產品探索的權威真實來源（authoritative source of truth），涵蓋全球最優質的產品與品牌。近兩年來，我們持續投資搜尋索引，確保超過 10 億項產品與 20 年的商務經驗能被提煉給代理（agents）使用。它會結構化商家的產品資料，讓任何 AI 合作夥伴都能直接存取，使代理具備發現、理解並推薦我們商家產品的能力。

And let me say this, Catalog will be one of Shopify's most important assets for years to come, and here's why. We're seeing that AI searches powered by Catalog converted twice the rate of those using scraped data. That is because with Catalog, merchants' products show up complete, accurate, and with the right context when someone is ready to buy. Put simply, Catalog is the discovery engine for the future, Shopify built it and owns it.

我想強調的是，Catalog 將在未來多年成為 Shopify 最重要的資產之一，原因如下。我們看到，由 Catalog 驅動的 AI 搜尋，其轉換率是使用爬取（scraped）資料的兩倍。這是因為透過 Catalog，當有人準備購買時，商家的產品會以完整、準確且具備正確情境的方式呈現。簡而言之，Catalog 是未來的探索引擎，由 Shopify 打造並擁有。

Next, let's talk about the Universal Commerce Protocol, or UCP. We introduced UCP at the start of 2026, and already industry players across the commerce stack and beyond are converging on this unified protocol with dozens of retailers and platforms adopting it to date. And because we co-built the protocol, partners look to us to make sure it evolves in ways that represent the full diversity of commerce.

接下來談談 Universal Commerce Protocol，也就是 UCP。我們在 2026 年初推出 UCP，而目前商務技術堆疊及其周邊的產業參與者已開始向這個統一協議匯聚，迄今已有數十家零售商與平台採用。而由於我們共同打造了該協議，合作夥伴也期待我們確保它以能代表商務完整多樣性的方式持續演進。

So first, we built the infrastructure to unlock commerce everywhere, and then we opened it up for everyone. Every Shopify merchant is UCP-ready. Agents and builders can access their product data, create carts, and even check out using the protocol. Everything flows through Shopify, so their checkout logic and fulfillment rules are perfectly preserved.

因此，我們先打造了解鎖「商務無所不在」的基礎設施，接著再把它向所有人開放。每一位 Shopify 商家都已準備好支援 UCP。代理與建置者可以透過該協議存取其產品資料、建立購物車，甚至完成結帳。所有流程都會經由 Shopify，因此他們的結帳邏輯與履約規則都能被完整且精準地保留。

Their products are also automatically listed in Catalog. And every builder can now access UCP and the Catalog API across millions of merchants, so they can build commerce experiences with the same infrastructure as our major AI partners. Plus, we built our Catalog the way only Shopify could, integrated with shop sign-in so agents can recognize returning buyers and surface personalized recommendations based on their purchase history. No other Catalog API can do this.

他們的產品也會自動列入 Catalog。而且現在每位建置者都能透過數百萬商家的 UCP 與 Catalog API 進行存取，因此他們可以用與我們主要 AI 合作夥伴相同的基礎設施來打造商務體驗。此外，我們以只有 Shopify 才做得到的方式打造 Catalog，並與商店登入整合，讓代理能辨識回訪買家，並根據其購買歷史呈現個人化推薦。沒有任何其他 Catalog API 能做到這點。

We're not just putting merchants in AI channels; we're also showing them how to win in them. In May of this year, we rolled out our new agentic section in the admin, the first cross-channel attribution for agentic selling. Merchants can manage AI channels, they can track performance, and they can get specific recommendations on what to improve, all from a single interface.

我們不只是把商家帶進 AI 通路；我們也在教他們如何在其中勝出。今年 5 月，我們在後台推出全新的 agentic 專區，這是首個針對 agentic 銷售的跨通路歸因。商家可以管理 AI 通路、追蹤成效，並從單一介面取得具體的改善建議。

Now while the volume from agentic commerce is still small relative to our massive GMV, the growth trends are impressive. Both AI-driven traffic and also orders to Shopify stores tripled year-over-year in the second quarter. New buyer orders are coming in at nearly twice the rate of other channels. And this is not just AI taking share of search.

目前 agentic commerce 的量相較於我們龐大的 GMV 仍然不大，但成長趨勢令人印象深刻。第二季，AI 驅動的流量以及導向 Shopify 商店的訂單量皆較去年同期成長三倍。新買家訂單的進入速度幾乎是其他通路的兩倍。而這不只是 AI 在瓜分搜尋的份額。

Search remains one of our largest sources of buyer traffic to our merchants, and it's still growing. Traditional search sessions are up 1.3x over the past two years, holding roughly a third of all storefront sessions. That is AI as a complement to search rather than a substitute for it.

搜尋仍是為商家帶來買家流量的最大來源之一，而且仍在成長。過去兩年，傳統搜尋的工作階段成長了 1.3 倍，約占所有店面工作階段的三分之一。這代表 AI 是對搜尋的補充，而非取代。

Okay. Let's talk about agentic building. AI is not just opening up new surface areas for discovery, it is also democratizing code and software development, lowering the barriers to starting a business even further. The way entrepreneurs are pursuing new ideas, the way developers are building software, the way merchants are running their businesses, they're all being rewritten. So naturally, the tools we're arming our merchants with are also evolving at an incredible pace. And Sidekick is the prime example of this.

好。我們來談談 agentic 建置。AI 不僅開啟了新的探索入口，也正在讓程式碼與軟體開發更普及，進一步降低創業門檻。創業者追求新點子的方式、開發者打造軟體的方式、商家經營事業的方式，都正在被改寫。因此，我們提供給商家的工具也正以驚人的速度演進。Sidekick 就是最典型的例子。

In the second quarter, daily active merchants using Sidekick were up 3.6x year-on-year, and daily sessions were up 4.8x. It handled nearly 34 million conversations, and it was used to create more than 36,000 custom apps, up from 12,000 in Q1. More merchants are using Sidekick, and they're using it far more often. That's because it's driving real value.

第二季，使用 Sidekick 的商家日活躍數較去年同期成長 3.6 倍，日工作階段成長 4.8 倍。它處理了近 3,400 萬次對話，並被用來建立超過 36,000 個自訂應用程式，高於第一季的 12,000 個。更多商家在使用 Sidekick，而且使用頻率更高。因為它帶來了實質價值。

Getting new merchants to their first sale faster and helping established merchants run smarter. Sidekick's personalized guidance for new merchants during onboarding led to an 8% increase in merchants reaching five orders within 15 days. It's getting more intelligent all the time. It can now access data and take action through extensions to third-party apps like Klaviyo without the merchant ever leaving Sidekick.

讓新商家更快達成第一筆銷售，並協助既有商家更聰明地營運。Sidekick 在新商家上線導入期間提供的個人化指引，使得在 15 天內達到 5 筆訂單的商家比例提升了 8%。它也持續變得更智慧。現在它可以透過對第三方應用程式（如 Klaviyo）的擴充來存取資料並採取行動，而商家完全不必離開 Sidekick。

Now adoption is widespread across merchants of all sizes, but what's really interesting is how the value evolves as merchants grow. In a merchant's first 30 days, roughly half of their conversations with Sidekick are about store setup, design, and theme configuration. For merchants five years in, that drops to about 8%, while analytics and reporting climbs past 40% as they use Sidekick as their intelligence layer to interrogate their own data and make better decisions. Same product, different job.

目前各種規模的商家都廣泛採用，但真正有趣的是：隨著商家成長，價值如何演變。在商家的前 30 天，他們與 Sidekick 的對話約有一半是關於商店設定、設計與佈景主題配置。對於經營五年的商家，這一比例降至約 8%，而分析與報表則攀升至 40% 以上；他們把 Sidekick 當作智慧層，用來檢視自家資料並做出更好的決策。同一個產品，不同的任務。

At the same time, we've built connectors to agents including Claude, ChatGPT, Perplexity, Manus, Replit, and Vercel with our AI Toolkit. So our merchants can build on Shopify however they choose. And these are just a couple of examples. Our integrations across vibe coding platforms like Lovable, AI chat agents, and CLI IDEs show Shopify's commitment to meeting builders where they are, however they choose to get there. These tools are a real competitive advantage, and they're exclusively and seamlessly available to Shopify merchants.

同時，我們也透過 AI Toolkit 建立了連接器，可連到包括 Claude、ChatGPT、Perplexity、Manus、Replit 與 Vercel 等代理。因此，我們的商家可以用他們想要的方式在 Shopify 上建置。而這只是幾個例子。我們在 Lovable 等 vibe coding 平台、AI 聊天代理，以及 CLI IDE 的整合，展現了 Shopify 致力於在建置者所在之處與他們相遇——無論他們選擇以何種方式抵達。這些工具是實質的競爭優勢，並且僅對 Shopify 商家提供，且可無縫使用。

Interface layers are changing in the agent-first world, but Shopify is still the core commerce infrastructure underneath it all. One where every step of commerce, from buying to building, from starting to scaling, moves faster and is within reach for more people.

在以代理為先的世界裡，介面層正在改變，但 Shopify 仍是其下方一切的核心商務基礎設施。在這裡，商務的每一步——從購買到建置、從起步到擴張——都更快，且讓更多人觸手可及。

Beyond what we as Shopify are doing to move the needle for our merchants, there are early structural changes we are seeing in the market that also strengthen our position even further. First, let's look at the type of merchants benefiting from these AI shifts. Early indications show that AI search has been particularly helpful to some of the smaller brands that form the long tail of commerce. These are brands that also happen to make up the majority of Shopify's merchant base, smaller businesses with specialized products built for a particular customer.

除了 Shopify 為商家帶來的推進之外，我們也在市場上看到一些早期的結構性變化，進一步強化了我們的地位。首先，來看看哪些類型的商家正從這些 AI 轉變中受益。初步跡象顯示，AI 搜尋對構成商務長尾的一些小型品牌特別有幫助。而這些品牌也恰好占 Shopify 商家基礎的大多數——提供針對特定客群打造之專門產品的小型企業。

We saw that AI search was starting to disproportionately benefit the long tail in 2025, and that trend has continued, with 75% of AI-attributed orders in the second quarter coming from outside our top 100 categories in Q2. And the explanation is simple. While search engines rank by popularity against a handful of keywords, AI agents make multiple calls into Shopify's Catalog, working with richer, structured data to match products with the buyer's specific intent rather than just keywords.

我們在 2025 年看到 AI 搜尋開始不成比例地讓長尾受益，而這個趨勢持續至今；第二季中，75% 的 AI 歸因訂單來自我們前 100 大類別之外。原因很簡單。搜尋引擎會針對少數關鍵字以熱門度排序；但 AI 代理會對 Shopify 的 Catalog 進行多次呼叫，運用更豐富、結構化的資料，依買家的具體意圖而非僅靠關鍵字來匹配產品。

So when a buyer asks an AI assistant for the best car seat that fits three across a sedan, traditional search focuses on the keyword car seat. An agent, however, understands the actual need, the dimensions, the vehicle type, and the fact that they need three. It searches across all of those constraints at once to find the product that actually works, not just the one that ranks highest.

因此，當買家向 AI 助理詢問「最適合轎車、可三個並排安裝的最佳兒童安全座椅」時，傳統搜尋會聚焦在「兒童安全座椅」這個關鍵字。但代理會理解實際需求：尺寸、車型，以及需要三個座椅這個事實。它會同時在所有這些限制條件下進行搜尋，找出真正可用的產品，而不只是排名最高的那個。

And in this world, relevancy reigns. So specific products made for a specific buyer do particularly well. Same for things like reef-safe sunscreen that doesn't leave a white cast or even the best dog harness for a French bulldog. These are real Shopify products that have benefited from the specificity of AI search in the last quarter.

在這個世界裡，相關性為王。因此，為特定買家打造的特定產品表現特別好。像是不會留下泛白、對珊瑚礁友善的防曬乳，甚至是最適合法國鬥牛犬的狗胸背帶，也是一樣。這些都是真實存在的 Shopify 產品，並在上一季因 AI 搜尋的高精準度而受益。

And this specificity is leading to better conversion for merchants. Buyer shopping journeys are being compressed as half of all AI-referred sessions are landing directly on a product description page. That is 2.5 times more than what we see with traditional search. All of this is a serious tailwind for our merchants and in turn for us at Shopify.

而這種精準度正在帶來更好的轉換率。買家的購物旅程正在被壓縮，因為所有 AI 導流的工作階段中，有一半會直接落在商品描述頁。這是我們在傳統搜尋中看到的 2.5 倍。這一切都為我們的商家帶來強勁順風，進而也為 Shopify 帶來順風。

Second, as AI makes commerce more fragmented, the value of a best-in-class checkout that can sit underneath any commerce experiences grows exponentially. Our checkout is intentionally designed to look simple. One click, done. But in reality, it is anything but simple.

第二，隨著 AI 讓商務變得更碎片化，一個可置於任何商務體驗之下、同級最佳的結帳系統，其價值將呈指數成長。我們的結帳刻意設計得看起來很簡單。一鍵完成。但實際上，它一點也不簡單。

From taxes to discounts, pre-orders to bundles, fulfillment, inventory, validation logic, payments, I could go on. There is a world of complexity that neither the merchant nor the buyer ever has to think about. But if it breaks, everything breaks with it, and every seemingly simple transaction inside a Shopify checkout is made up of countless customized logic flows.

從稅務到折扣、預購到組合包、履約、庫存、驗證邏輯、付款，我還可以繼續列下去。其中有一整個複雜世界，商家與買家都不必去思考。但一旦它出問題，一切都會跟著出問題；而 Shopify 結帳中每一筆看似簡單的交易，其實都由無數客製化的邏輯流程所構成。

The ability to handle that complexity is what Shopify is world-class at, and the stakes only get higher as commerce expands to more surface areas and as agents start having a role in the transaction. So the agentic landscape favors Shopify's core merchant base, and it makes our checkout even more valuable. It also significantly increases the importance of trust and identity.

處理這種複雜性的能力正是 Shopify 的世界級強項，而隨著商務擴展到更多觸點、以及代理開始在交易中扮演角色，利害關係只會更高。因此，代理型（agentic）生態格局有利於 Shopify 的核心商家基礎，也讓我們的結帳更具價值。這也大幅提高了信任與身分識別的重要性。

An agent acting on a buyer's behalf needs to know who they are, how they want to pay, and what rules they've set. And through Shop, we've built a buyer network of hundreds of millions of people with identity, preferences, and payments working as one system.

代表買家行動的代理需要知道他們是誰、他們想如何付款，以及他們設定了哪些規則。而透過 Shop，我們建立了一個由數億人組成的買家網路，將身分、偏好與支付整合為同一套系統運作。

Shop app's native GMV grew over 70% in Q2, and one of my favorite features, CartSync, represented over 30% of Shop app GMV in this quarter. That is the value of known buyers. And Shop Pay is where that trust and identity show up in conversion. In June, Shop Pay surpassed $400 billion in lifetime accelerated GMV. As new surfaces grow, Shop Pay remains the trusted payment layer that travels with the buyer.

Shop 應用程式的原生 GMV 在第二季成長超過 70%，而我最喜歡的功能之一 CartSync，本季占 Shop 應用程式 GMV 的 30% 以上。這就是已知買家的價值。而 Shop Pay 則是信任與身分識別在轉換率上體現的地方。6 月，Shop Pay 的累計加速 GMV 超過 4,000 億美元。隨著新的觸點成長，Shop Pay 仍是可隨買家移動的可信支付層。

So when you zoom out, here's what you see. A new powerful surface area for discovery that disproportionately benefits our core merchant base, a fragmented environment that needs a reliable checkout sitting underneath it all to power it, a world where humans must be able to trust that an agent acting on their behalf knows them and follows the rules they have set, and a greater need all the time for a unified operating system that makes commerce everywhere, not just possible, but easy. This is what Shopify was built for.

所以當你拉遠視角，你會看到的是：一個全新且強大的探索觸點，對我們的核心商家基礎帶來不成比例的好處；一個碎片化的環境，需要在其下方有可靠的結帳來提供動力；一個人類必須能信任代表他們行動的代理確實認得他們並遵循他們所設定規則的世界；以及對一個統一作業系統的需求持續增加，讓商務無所不在，不只是可行，而是容易。這正是 Shopify 所打造的。

Now, before I hand it over to Jeff, let me give a couple quick highlights from across the business that fueled our growth in Q2. First, international. International GMV grew 37% in the quarter. And we launched Shopify's first local payment method offering in Mexico, and we expanded managed markets beyond the US merchants for the first time, making it available to merchants in Canada and the UK.

在我把時間交給 Jeff 之前，先快速分享幾個推動我們第二季成長的業務亮點。首先是國際市場。本季國際 GMV 成長 37%。我們在墨西哥推出 Shopify 的第一個在地支付方式方案，並且首次將受管市場（managed markets）擴展到美國以外的商家，讓加拿大與英國的商家也能使用。

Now let's talk about offline. Shopify point of sale GMV grew 32% year-over-year in Q2. And we continue to widen the gap on what sets Shopify apart, delivering our fastest ever point-of-sale experience and deeper unified commerce capabilities. Merchants can now fulfill orders across locations, move inventories more efficiently between stores, complete returns, exchanges, and new purchases within a single checkout.

接著談線下。Shopify POS（銷售點）GMV 在第二季年增 32%。我們持續拉大 Shopify 的差異化優勢，提供史上最快的 POS 體驗，以及更深度的統一商務能力。商家現在可以跨據點履行訂單、更有效率地在門市間調撥庫存，並在單一結帳流程中完成退貨、換貨與新的購買。

We're seeing particularly strong momentum with large, complex retailers who are our fastest-growing segment. In this quarter, we welcome the iconic Canadian retailer, Holt Renfrew. We powered the rollout of multiple Canada Goose locations, and we expanded our relationship with the furniture retailer Arhaus to include their offline business.

我們在大型、複雜零售商方面看到特別強勁的動能，這也是我們成長最快的細分市場。本季我們迎來加拿大指標性零售商 Holt Renfrew。我們支援 Canada Goose 多個據點的上線推廣，並擴大與家具零售商 Arhaus 的合作，涵蓋其線下業務。

In B2B, we expanded native B2B capabilities beyond Plus for the first time, giving more merchants the ability to manage wholesale and DTC from the same Shopify admin. That means fewer separate tools, fewer custom workflows, and more of their business running through one unified system.

在 B2B 方面，我們首次將原生 B2B 能力擴展到 Plus 方案以外，讓更多商家能在同一個 Shopify 管理後台同時管理批發與 DTC（直面消費者）。這代表更少的分散工具、更少的客製化工作流程，以及更多業務能在同一個統一系統中運行。

Finally, let's talk about our growth with larger brands. Some of the biggest and some of the most important names in commerce and retail continue to move to Shopify to modernize their next chapter. This quarter alone, brands like Guess, Fred Segal & Aritzia Company, and Avon all chose Shopify. And e.l.f. Cosmetics, Claire's, Burton, and Suitsupply are all now live on our platform.

最後，談談我們在大型品牌上的成長。商務與零售領域中一些最大、也最重要的品牌，持續遷移到 Shopify 以現代化他們的下一個篇章。僅本季，Guess、Fred Segal & Aritzia Company，以及 Avon 等品牌都選擇了 Shopify。而 e.l.f. Cosmetics、Claire's、Burton 與 Suitsupply 也都已在我們的平台上正式上線。

As I mentioned earlier, we expanded our work with Arhaus, and this is a perfect example of the power of our unified commerce offering. Arhaus started with us online, and now they're expanding into offline, B2B, and Shopify Payments. Different customer groups, different channels, different pricing models, and one backend to run it all.

如我先前提到的，我們擴大了與 Arhaus 的合作，這正是我們統一商務方案威力的最佳例證。Arhaus 先從線上與我們合作，現在正擴展到線下、B2B，以及 Shopify Payments。不同的客群、不同的通路、不同的定價模式，但用同一套後端來運行一切。

Now, here's what else really matters. Once merchants come to Shopify, they stay. Our merchant retention is something we are very, very proud of. Put simply, Shopify is a platform for brands at any stage of their life cycle, and each channel they add makes the others more powerful, embedding merchants deeper in our platform and driving more profitable growth for our company.

接下來，還有一件真正重要的事。商家一旦來到 Shopify，就會留下來。我們的商家留存率是我們非常、非常自豪的。簡而言之，Shopify 是一個適用於品牌生命週期任何階段的平台，而商家新增的每一個通路都會讓其他通路更強大，讓商家更深地嵌入我們的平台，並為公司帶來更具獲利性的成長。

Let me bring this back to where I started today. Shopify built what most merchants need most of the time. For everything else, we leverage our ecosystem of partners to build with us. 20 years ago, most merchants meant a much smaller group with a much smaller set of needs. But today, we power every size and every shape of commerce business. And as the merchant base has expanded, our focus has remained the same. Absorb that complexity on behalf of merchants so they can continue to focus on what matters most to them, their products and their customers.

讓我回到我今天一開始的重點。Shopify 打造了多數商家在多數時間最需要的東西。至於其他需求，我們運用合作夥伴生態系與我們一起建構。20 年前，「多數商家」代表的是更小的一群人、需求也更少。但今天，我們支援各種規模、各種型態的商務企業。而隨著商家基礎擴大，我們的聚焦始終不變。替商家吸收這些複雜性，讓他們能持續專注在對他們最重要的事：他們的產品與他們的客戶。

Every time commerce gets more complex, the value of the Shopify platform increases. Today, an entrepreneur can have an idea in the morning and their first sale by the end of the day. With Shopify's AI tools helping them build their storefront, with catalogs surfacing their products to buyers, and Sidekick already guiding them to the next step. This is an entirely different velocity of entrepreneurship, and it's only going to continue to accelerate.

每當商務變得更複雜，Shopify 平台的價值就會提升。今天，一位創業者早上有了點子，當天結束前就能完成第一筆銷售。Shopify 的 AI 工具協助他們建立店面，型錄將商品呈現給買家，而 Sidekick 也已在引導他們走向下一步。這是一種完全不同的創業速度，而且只會持續加速。

It doesn't matter whether commerce is built by a person or an agent. It doesn't matter whether the transaction starts on a store, in an app, a chat, or an interface that hasn't even been invented yet. The underlying needs of merchants do not change. Products need to be discovered, inventory needs to be accurate, checkout needs to work seamlessly, and payments need to move. And the infrastructure underneath it all needs to be fast, reliable, and infinitely scalable. And that's what we do at Shopify.

不論商務是由人還是由代理建立，都無關緊要。不論交易是從商店、App、聊天，或甚至尚未被發明的介面開始，也無關緊要。商家的底層需求不會改變。商品需要被發現、庫存需要準確、結帳需要無縫運作、支付需要流動。而支撐這一切的基礎設施必須快速、可靠，且可無限擴展。這就是我們在 Shopify 所做的事。

And with that, I'll turn the call over to Jeff.

說到這裡，我把電話會議交給 Jeff。

Thanks, Harley.

謝謝你，Harley。

It was an incredible quarter. Q2 represented a continuation of what we've seen for several quarters now, broad-based growth across the business. Strength in GMV flowed through all of our financial results. We achieved greater than 30% growth in each of GMV, revenue, gross profit, operating income, and free cash flow.

這是一個令人驚豔的季度。第二季延續了我們過去幾季所看到的趨勢：全業務面向的廣泛成長。GMV 的強勁表現貫穿我們所有財務結果。我們在 GMV、營收、毛利、營業利益與自由現金流等各項指標上，都達成超過 30% 的成長。

Q2 marks the fifth consecutive quarter with constant currency GMV growth of 29% to 30%. A tight band, and importantly, even as our scale has grown and the year-over-year comps have gotten tougher, we have consistently delivered these growth rates.

第二季是連續第五個季度，在固定匯率下 GMV 成長介於 29% 到 30%。這是一個很窄的區間；更重要的是，即使我們的規模擴大、年對年比較基期變得更具挑戰，我們仍持續穩定地交出這些成長率。

The durability of our growth is driven by one of the most powerful dynamics of our model, our cohorts. Newer cohorts continue to outperform while older ones keep growing. That strength compounds over time as our older cohorts generate multiples of their first-year GMV. For example, our Q1 2015 cohort now has a quarterly GMV that's 5 times its initial size, implying a compound annual growth rate three times that of the overall commerce market's growth rate over the same period.

我們成長的韌性，來自我們模型中最強大的動能之一：我們的同批次（cohort）表現。較新的 cohort 持續表現優於預期，而較舊的 cohort 也持續成長。隨著時間推移，這種強勢會複利累積，因為較舊的 cohort 會產生其第一年 GMV 的數倍。例如，我們 2015 年第一季的 cohort，如今單季 GMV 已是初始規模的 5 倍，意味著其複合年成長率是同期間整體商務市場成長率的 3 倍。

This is the mission of Shopify. We make it easy for anyone with an idea and the courage to start their business. It's why we cast a wide net in bringing merchants to the platform. This approach is a feature, not a bug. Through that wide aperture, we find, nurture, and build for merchants, many of whom go to do millions and then hundreds of millions in GMV. And the ones that scale, stay. Over the last five years, merchants who reach $1 million in annual GMV had a 92% retention. That jumps to 97% at a $10 million annual GMV.

這就是 Shopify 的使命。我們讓任何有想法、並且有勇氣創業的人都能輕鬆開始。這也是為什麼我們以更廣的範圍把商家帶到平台上。這種做法是一項特性，而不是缺陷。透過這個更大的入口，我們發掘、培育並為商家打造產品，其中許多人之後的 GMV 會達到數百萬，甚至數千萬、數億。而那些成功擴張規模的商家，會留下來。在過去五年中，年 GMV 達到 100 萬美元的商家留存率為 92%。年 GMV 達到 1,000 萬美元時，留存率則提升至 97%。

A lot of entrepreneurs are serial entrepreneurs, so even if their first business doesn't make it, Shopify still supports their next one. Merchants who build a second shop on Shopify on average earn more than twice the sales per shop compared to first-time founders. That is our cohort strategy at work. We give every entrepreneur a shot, arm them with tools to build, and watch the winners compound their success.

許多創業者是連續創業者，因此即使他們的第一個事業沒有成功，Shopify 仍會支持他們的下一個事業。在 Shopify 上建立第二家商店的商家，平均每家店的銷售額比首次創業者高出兩倍以上。這就是我們的同批次（cohort）策略在發揮作用。我們給每位創業者一次機會，為他們配備打造事業的工具，並看著勝出者讓成功持續複利成長。

But it's not as simple as just offering tools. We offer a breadth of products in an integrated platform to simplify the complex backdrop of commerce. And every piece of that solution makes the others more powerful. GMV drives payments revenue but also informs our capital offers. Checkout fuels buyer identity, and that identity benefits advertising precision. And every transaction sharpens the data underneath all of it.

但事情並不只是提供工具這麼簡單。我們在一個整合式平台中提供廣泛的產品，以簡化商務背後複雜的環境。而這套解決方案中的每一個部分，都會讓其他部分更強大。GMV 推動支付收入，同時也為我們的資金（資本）方案提供依據。結帳流程促成買家身分識別，而這個身分識別有助於提升廣告投放精準度。每一筆交易也都會讓底層數據更加精準。

Last year, we surpassed $1 trillion in Q1 of GMV facilitated by our platform. Then this past quarter, we also passed that threshold for gross payments volume through Shopify Payments. That is the data foundation underneath everything I just described. It's less about any single capability, but rather how they weave together and inform and enhance each other. This is the magic of combining the bravery and vision of entrepreneurs with the power and capabilities of the Shopify platform. And when merchants win, so do we.

去年，我們平台所促成的 GMV 在第一季累計突破 1 兆美元。而在剛過去的這一季，透過 Shopify Payments 的總支付金額（gross payments volume）也同樣跨越了這個門檻。這就是支撐我剛才所描述一切的數據基礎。重點不在任何單一能力，而在於它們如何交織在一起，彼此提供資訊並相互強化。這就是把創業者的勇氣與願景，與 Shopify 平台的力量與能力結合起來的魔力。商家成功，我們也成功。

Now let's take a closer look at our second quarter results. Q2 GMV was $116 billion, representing year-over-year growth of 32%. On a constant currency basis, GMV grew over 30%, accelerating on top of a very strong 29% prior year comp.

現在讓我們更仔細看看第二季的業績表現。第二季 GMV 為 1,160 億美元，年增 32%。以固定匯率計算，GMV 成長超過 30%，並在去年同期非常強勁的 29% 高基期之上進一步加速。

Diving deeper into GMV from a few different angles, first by merchant size. Consistent with trends for several quarters, we've had broad-based growth across merchant sizes. The $25 million and greater band is the fastest growing, albeit off of a smaller base. The $2 million to $25 million cohort continues to contribute the most incremental GMV, and we are still growing this space, with the majority of the growth coming from existing shops graduating up into this band.

從幾個不同角度更深入看 GMV，首先按商家規模來看。與過去幾季的趨勢一致，我們在各種商家規模上都呈現廣泛成長。2,500 萬美元以上的區間成長最快，儘管基期較小。200 萬至 2,500 萬美元的同批次（cohort）仍是新增 GMV 的最大貢獻來源；我們也仍在擴大這個區間，其中大部分成長來自既有商店升級進入此區間。

Moving to regions. North America GMV grew 28%, and Europe grew 34% on a constant currency basis. The contribution to GMV growth from new merchants and same-store sales remained relatively balanced and in line with multi-quarter trends.

接著看地區。北美 GMV 成長 28%，歐洲以固定匯率計算成長 34%。新商家與同店銷售對 GMV 成長的貢獻仍相對均衡，並與多季以來的趨勢一致。

Finally, turning to channels. Offline GMV was up 32%. B2B GMV grew 76%, all a continuation of prior quarter strong trends.

最後看通路。線下 GMV 年增 32%。B2B GMV 成長 76%，以上皆延續前一季的強勁趨勢。

Now, looking at revenue. Q2 revenue grew 34%, or 33% on a constant currency basis, clearly surpassing expectations. Merchant solutions revenue grew 37%, driven primarily by the strength in GMV and increased payments penetration, which grew 3 points year-over-year, reaching 68% of our global GMV.

接著看營收。第二季營收成長 34%，以固定匯率計算為 33%，明顯超出預期。商家解決方案營收成長 37%，主要受 GMV 強勁表現與支付滲透率提升所帶動；支付滲透率年增 3 個百分點，達到全球 GMV 的 68%。

We see clear runway on payments penetration both domestically and abroad. This past quarter, we launched Shopify Payments in the UAE, bringing to 40 the number of countries where we have payments available. Penetration in Europe increased by more than 350 basis points year-over-year, even as many of the countries we serve launched only last year.

我們看到無論在本土或海外，支付滲透率都有明確的成長空間。在剛過去的這一季，我們在阿聯酋推出 Shopify Payments，使我們提供支付服務的國家數量增加至 40 個。歐洲的滲透率年增超過 350 個基點，即使我們服務的許多國家其實是去年才剛上線。

We also continue to add more and more local and regional payment methods, including, for example, our additions this past quarter in Mexico. As of Q2, we also now dynamically surface the most relevant payment methods for buyers. Doing this helps eliminate reasons for buyers to ever abandon their checkout, creating better conversion.

我們也持續新增更多在地與區域性的支付方式，例如本季在墨西哥新增的選項。截至第二季，我們也開始為買家動態呈現最相關的支付方式。這麼做有助於消除買家放棄結帳的原因，帶來更好的轉換率。

Shop Pay GMV grew 53% year-over-year. In Q2, we made more local payment methods available to consumers within Shop Pay. This continues our two-part strategy of adding more local payment methods to Shopify Payments and then making more of those available within Shop Pay. More choice and payment method availability means fewer drop-offs to guest checkout and helps drive Shop Pay usage.

Shop Pay 的 GMV 年增 53%。在第二季，我們讓 Shop Pay 內的消費者可使用更多在地支付方式。這延續了我們的雙軌策略：先在 Shopify Payments 增加更多在地支付方式，再把其中更多選項導入到 Shop Pay。更多選擇與支付方式的可用性，意味著更少人轉而使用訪客結帳而流失，並有助於推動 Shop Pay 的使用。

Shop Pay also allows buyers to choose to finance their purchases, and Shop Pay Installments continues to gain share. Each of these makes Shop Pay a better consumer experience and a more complete wallet with additional ways to pay, helping drive consumer adoption.

Shop Pay 也讓買家可以選擇分期／融資付款，而 Shop Pay Installments 持續提升市占。這些功能都讓 Shop Pay 的消費者體驗更好，並成為更完整的錢包，提供更多付款方式，進而推動消費者採用。

Subscription solutions revenue grew 22%. The largest contributor to the growth was monthly subscriptions for our Standard plans, as we saw a strong quarter of merchant net adds in Standard. We also saw relatively equivalent-sized dollar growth in Plus subscriptions and variable platform fees, which were driven by the higher GMV. Q2 MRR grew 19% year-over-year, with continued growth across each of Standard, Plus, and Point of Sale plans. Plus MRR represented 34% of MRR, also growing 19% year-over-year.

訂閱解決方案營收成長 22%。成長的最大貢獻來自 Standard 方案的月費訂閱，因為我們在 Standard 方案的商家淨新增表現強勁。我們也看到 Plus 訂閱與可變平台費用帶來的美元增量大致相當，而這主要由更高的 GMV 所驅動。第二季 MRR 年增 19%，Standard、Plus 與 POS（銷售點）方案皆持續成長。Plus MRR 佔 MRR 的 34%，同樣年增 19%。

Bringing these all together, our revenue beat in the second quarter stemmed from three key areas where we outperformed: broad-based GMV outperformance, higher-than-expected payments penetration, and strength in other merchant solutions, primarily from our partner rev shares and financial services.

綜合以上，第二季營收優於預期主要來自三個我們表現超出的關鍵領域：GMV 的廣泛超預期表現、支付滲透率高於預期，以及其他商家解決方案的強勁表現，主要來自合作夥伴分潤與金融服務。

Now turning to our profitability. Merchant solutions gross profit grew 39%, with gross margin up slightly from last year. Margin pressure from increased payments volume was more than offset by growth in higher-margin revenue streams. Also, to my earlier comments regarding local payment methods, our payments gross margins are generally higher in international markets due to the greater prevalence of debit transactions and lower interchange fees.

接著談獲利能力。商家解決方案毛利成長 39%，毛利率較去年小幅提升。支付交易量增加帶來的毛利率壓力，已被較高毛利的營收來源成長所抵銷。此外，呼應我先前對在地支付方式的評論，由於國際市場中簽帳金融卡交易更普遍且交換費較低，我們的支付毛利率在國際市場通常更高。

Subscription solutions gross profit grew 19%, with gross margins just under 80%, in line with our subscription solutions gross margins in Q1. As a reminder, the vast majority of AI costs related to merchant use of Sidekick appear in subscription solutions gross profit. We were able to hold gross margins at a relatively consistent level quarter-over-quarter while Sidekick usage scaled, which reflects some cost efficiencies and support, as well as our ability to continue providing merchants unique AI solutions like Sidekick while diligently managing cost.

訂閱解決方案毛利成長 19%，毛利率略低於 80%，與第一季的訂閱解決方案毛利率一致。提醒一下，與商家使用 Sidekick 相關的絕大多數 AI 成本，會反映在訂閱解決方案毛利中。在 Sidekick 使用量擴大之際，我們仍能讓毛利率在季與季之間維持相對一致，這反映了部分成本效率與支援措施，也展現我們在持續為商家提供如 Sidekick 這類獨特 AI 解決方案的同時，仍能嚴謹管理成本。

We are big believers in Sidekick and the value that it can deliver to merchants. We believe these types of investments in our platform will translate into more merchants joining the platform, and those merchants having even greater success. That translates to more gross profit for us, but more importantly, it is helping our merchants accelerate their businesses.

我們非常看好 Sidekick 以及它能為商家帶來的價值。我們相信，對平台進行這類投資將轉化為更多商家加入平台，並讓這些商家取得更大的成功。這會為我們帶來更多毛利，但更重要的是，它正在幫助我們的商家加速成長他們的業務。

Now looking at operating expenses, which were 34% of revenue, a nearly 2-point improvement from Q2 last year. This reflects continued leverage as we grew gross profit dollars faster than our expenses, primarily by maintaining our discipline in headcount. Sales and marketing, R&D, and G&A as a percentage of revenue each improved year-over-year. This operating leverage provides the financial flexibility to continue to invest in our platform, including in our internal AI capabilities.

現在來看營運費用，佔營收的34%，較去年第二季改善近2個百分點。這反映出我們持續展現規模效益，因為我們的毛利金額成長速度快於費用成長，主要來自於我們在員額配置上的紀律。銷售與行銷、研發以及一般與行政（G&A）費用佔營收比重，皆較去年同期改善。這種營運槓桿提供了財務彈性，使我們能持續投資於平台，包括我們內部的AI能力。

We've moved from a place of just reflexive use of AI to a place of AI leverage. Our AI philosophy is straightforward: maximum leverage paired with thoughtful cost management. We use the best model for the job, frontier intelligence where it matters, less expensive models where it doesn't. We believe widespread adoption of AI tooling already is and will continue to yield benefits in the quality of our output.

我們已從只是反射性地使用AI，轉變為運用AI槓桿的階段。我們的AI理念很直接：在追求最大槓桿的同時，搭配審慎的成本管理。我們會為不同任務選用最合適的模型：在關鍵之處使用前沿智慧，在不需要的地方使用成本較低的模型。我們相信，AI工具的廣泛採用已經並將持續提升我們產出品質並帶來效益。

Looking more closely at our OpEx. Sales and marketing in Q2 was less than 14% of revenue, approximately 160 basis-point improvement year-over-year, even as we funded additional dollars into our merchant acquisition efforts. R&D, the majority of our internal AI spend is allocated here, so you've seen a modest uptick in year-over-year growth. Overall, we've driven substantial leverage in R&D as a percentage of total revenue and will continue to be disciplined in managing this spend.

再更仔細看我們的營運費用（OpEx）。第二季的銷售與行銷費用低於營收的14%，較去年同期改善約160個基點，即使我們仍投入更多資金在商家招募上。研發方面，我們內部AI支出的大部分配置在此，因此你會看到年增率有小幅上升。整體而言，我們已在研發費用佔總營收比重上實現顯著的規模效益，並將持續以紀律方式管理這項支出。

Transaction loans and losses came in at 3.9% of revenue. It will scale with volumes in our payments, capital, and credit products. Capital was a larger driver this quarter, while loss rates in payments and credit are both at normalized levels. Each of these products continues to grow well, and we are constantly improving our measurement and forecasting to keep loss rates low as adoption grows.

交易貸款與損失為營收的3.9%。該項目將隨著我們支付、資本與信貸產品的交易量而擴大。本季資本業務是較大的驅動因素，而支付與信貸的損失率皆處於常態化水準。這些產品都持續良好成長，我們也不斷改進衡量與預測能力，以在採用率提升的同時維持低損失率。

Finally, our Q2 free cash flow margin was just over 18%, exceeding our outlook. This represents roughly one and a half points of year-over-year margin expansion after excluding the benefit of the accounting change to merchant cash advances that we mentioned last quarter. This free cash flow margin expansion was primarily the flow-through of our operating margin expansion, partially offset by about a point of increased taxes compared to last year.

最後，我們第二季自由現金流利潤率略高於18%，優於我們的展望。在排除我們上季提到的商家現金預支（merchant cash advances）會計變更帶來的效益後，這代表約1.5個百分點的年增利潤率擴張。這次自由現金流利潤率擴張主要來自營業利潤率擴張的傳導效應，但部分被相較去年約增加1個百分點的稅負所抵銷。

With that, let's move to our Q3 outlook. We expect Q3 revenue growth in the low 30s year over year. The expected sources of growth are consistent with the drivers that we saw in Q2, broad-based across geographies, merchant sizes, and channels. We do not expect any significant FX impact.

接下來，我們來看第三季展望。我們預期第三季營收年增率將落在30%出頭。預期的成長來源與我們在第二季看到的驅動因素一致，涵蓋各地區、不同規模商家與各通路，呈現廣泛成長。我們不預期匯率（FX）會帶來任何顯著影響。

We expect our gross profit dollars to grow in the mid to high 20s. The differential in the revenue versus gross profit growth rates is driven by the same factors as the second quarter. The continued mix shift between the growth rates of merchant solutions and subscription solutions, and the continued strength of payments.

我們預期毛利金額將以20%中段至高段的幅度成長。營收與毛利成長率之間的差異，仍由與第二季相同的因素所驅動。包括商家解決方案與訂閱解決方案成長率之間的持續組合轉移，以及支付業務的持續強勁表現。

We expect operating expenses in Q3 to be 33% to 34% of revenue, reflecting continued leverage and meaningful improvement compared to the 37% we delivered in Q3 of last year. We expect our Q3 free cash flow margin to be in the high teens to low 20s, inclusive of less than a point of tailwind from the accounting change in merchant cash advances.

我們預期第三季營運費用將佔營收的33%至34%，反映持續的規模效益，且相較去年第三季我們達成的37%有顯著改善。我們預期第三季自由現金流利潤率將落在高十位數到低20%區間，其中包含商家現金預支會計變更帶來不到1個百分點的順風。

Bringing it all together, when I look ahead, our runway is long. Even though Shopify represents over 14% of the US e-commerce market, our margins take a disproportionate share of the growth. According to eMarketer, since the start of 2025, Shopify merchants have captured nearly half of all incremental e-commerce dollars in the US. Early results internationally mirror that trajectory, albeit earlier in their maturation. That's headroom in both the US and globally.

綜合來看，展望未來，我們的成長跑道仍然很長。儘管Shopify已佔美國電商市場超過14%，我們的利潤率卻能在成長中取得不成比例的份額。根據eMarketer，自2025年初以來，Shopify商家已在美國拿下近一半的電商增量美元。國際市場的早期結果也呈現相似軌跡，只是仍處於較早的成熟階段。這代表在美國與全球市場都仍有很大的成長空間。

Absent any other growth drivers, these are already strong, structural, and persistent tailwinds in a base case. As we enter this agentic era, any acceleration in e-commerce growth or disproportionate value to the long tail of commerce is upside to our underlying growth story.

即便不考慮其他成長驅動因素，這些在基本情境下已是強勁、結構性且持續的順風。隨著我們進入代理式（agentic）時代，任何電商成長的加速，或是對商業長尾帶來不成比例的價值，都將成為我們基本成長故事的上行空間。

With that, I'll turn the call back over to Shane for your questions.

接下來，我把電話交回給Shane，開始進行提問。

Thanks, Jeff. We'll now take your questions before turning the call back to Harley for some final words. (Event Instructions) Our first question will come from Ken Wong from Oppenheimer.

謝謝你，Jeff。我們現在先回答各位的問題，之後再把電話交回給Harley做最後的結語。（活動指引）我們的第一個問題來自Oppenheimer的Ken Wong。

Harley, you touched on a lot of key points in terms of AI driving the commerce platform forward, clearly providing a ton of value to your customers. How are you thinking about potentially harvesting some of that value back to Shopify? Or is the intent still to kind of open the doors as wide as possible to bring in as many merchants as you can?

Harley，你提到了許多AI推動商務平台向前發展的關鍵點，顯然也為你的客戶帶來大量價值。你們如何思考把其中一部分價值回收、轉化為Shopify的收益？或者你們的意圖仍是盡可能把門打開，吸引盡可能多的商家進來？

Thanks for the question, Ken. Look, when it comes to monetization, the focus is very simple here. We unlock more places for our merchants to sell, and we earn on those sales the way we always have. You've seen this, of course, but agentic transactions carry the exact same economics as an online store transaction. There's no new fees. There's no separate pricing. But more agentic GMV, it means more Shopify revenue, and that's the model, and it's been working really well for almost two decades.

謝謝你的問題，Ken。你看，談到變現，我們的重點很簡單。我們為商家解鎖更多銷售場景，而我們就像一直以來那樣，從這些銷售中獲利。你當然也看到了，代理式交易的經濟模型與線上商店交易完全相同。沒有新增費用。也沒有另外的定價。但代理式GMV越多，就代表Shopify營收越多；這就是我們的模式，而且近二十年來一直運作得非常好。

I will say, I mentioned in my earlier comments that we are seeing incremental dollars flow through agentic. I know there were some questions on the last call about whether or not it was taking away from Search, but Search is growing incredibly well. Agentic has really taken off now.

我想補充的是，我在先前的評論中提到，我們看到有增量美元透過代理式帶進來。我知道上一通電話會議有人問這是否會分流搜尋（Search），但搜尋成長非常強勁。代理式現在也確實快速起飛了。

The other thing that I think is incredibly important is when you look actually at what is happening here, 75% of AI-attributed purchases in Q2 were from outside the top 100 categories, meaning a standing desk for a small apartment, or I mentioned a car seat that fits three across a sedan. These are real Shopify products discovered because an AI agent understood what the buyer actually needed; and that's a structural advantage for these small, specialized, independent businesses. That's our base. That's our sweet spot. So we think that these trends suggest that merchants on Shopify will disproportionately benefit from this new surface area, and as they grow, we grow with them.

另外一件我認為非常重要的事是，實際看看正在發生什麼：第二季有75%歸因於AI的購買來自前100大品類之外，意思是像小公寓用的升降桌，或我提到過能在轎車後座橫向放下三張的兒童安全座椅。這些都是貨真價實的Shopify商品，因為AI代理理解買家真正需要什麼而被發現；這對小型、專精、獨立商家而言是一種結構性優勢。那是我們的基本盤。那是我們的甜蜜點。因此我們認為，這些趨勢顯示Shopify上的商家將從這個新的觸達面（surface area）中獲得不成比例的好處，而當他們成長時，我們也會與他們一起成長。

We'll take our next question from Bryan Smilek at JPMorgan.

下一個問題來自JPMorgan的Bryan Smilek。

Harley, I'll steal your words here. Great monster guide of 30% revenue growth. Definitely wanted to dig in more on the enterprise side. Can you just talk about the ability to onboard new enterprises quicker and truncate that selling cycle? I guess what's next on the product roadmap here where you can lift and shift that GMV target from $100 million+ to north of $200 million over time?

Harley，我借用一下你的用詞。30%營收成長真是很猛的「怪物級」指引。我確實想更深入了解企業客戶（enterprise）這一端。你能談談更快導入新企業客戶、縮短銷售週期的能力嗎？我想問的是，接下來產品路線圖上有哪些方向，能讓你們把GMV目標從1億美元以上，隨時間推進提升到2億美元以上？

I'll tell you something in almost real-time. I woke up this morning to an email from Balmain, one of the most iconic, legendary retailers in Europe, luxury retailer in Europe, saying that they migrated to Shopify in a matter of weeks; balmain.com is now fully launched.

我跟你分享一件幾乎是即時發生的事。我今天早上醒來收到Balmain的電子郵件——它是歐洲最具代表性、最傳奇的零售商之一，也是歐洲的奢侈品零售商——信中說他們在短短幾週內就遷移到Shopify；balmain.com現在已經全面上線。

Let me maybe start at the top. Merchants on Shopify are simply better positioned than those that are not, and that is true of businesses of all sizes. We think in particular, and you've seen this, and I've said this on the calls, but you've seen the velocity here. Larger merchants are now choosing Shopify at a higher clip. They see that there is enormous and often invisible complexity.

我先從最上面開始說。在 Shopify 上的商家，相較於不在 Shopify 上的商家，確實處於更有利的位置，而且這對各種規模的企業都成立。我們特別認為——你也看到了——我在電話會議上也提過，你已經看到這裡的成長速度。更大型的商家現在正以更高的速度選擇 Shopify。他們看到其中存在龐大、而且往往不易察覺的複雜性。

I think the fact that speed to market, this all-in-one platform, this velocity of innovation, but also I think our pole position on agentic commerce, there's no custom stack or legacy platform can match that. So what these larger brands are looking for is they want a future-proofed commerce partner. They don't want to have to think about ever migrating again.

我認為，上市速度、這個一體化平台、這種創新速度，再加上我們在代理式商務（agentic commerce）上的領先位置，是任何客製化技術堆疊或傳統平台都無法匹敵的。因此，這些大型品牌在尋找的是一個能面向未來的商務合作夥伴。他們不想再去思考未來還要不要再遷移一次。

The olden days of enterprise e-commerce, every couple of years, you had to sort of migrate to a new platform. That's not the case with Shopify. And so they want to kind of go, we sort of jokingly refer to as their final migration, and that road leads directly to Shopify.

在過去的企業級電商時代，每隔幾年你就得某種程度上遷移到新的平台。但在 Shopify 並非如此。所以他們希望能夠——我們半開玩笑地稱之為——完成他們的「最後一次遷移」，而那條路直接通往 Shopify。

What you're also seeing is some of these less modern brands, more iconic brands that have been around for a long time, Barnes & Noble or Claire's or Suitsupply or Guess Jeans or Avon, coming to Shopify as well. It's important they come to us, but the best part about this model around enterprise commerce is once they come to us, they stay. And we've seen that with brands that have both started on Shopify or migrated early to Shopify, like Alo or Vuori or FIGS. They come to us, and they continue to stay here.

你同時也看到一些沒那麼現代、但更具代表性、存在已久的經典品牌，例如 Barnes & Noble、Claire's、Suitsupply、Guess Jeans 或 Avon，也來到 Shopify。他們選擇我們很重要，但這個企業商務模式最棒的部分是：一旦他們來到我們這裡，就會留下來。我們也在那些一開始就使用 Shopify 或較早遷移到 Shopify 的品牌身上看到這點，例如 Alo、Vuori 或 FIGS。他們來到我們這裡，並且會持續留在這裡。

I mentioned Arhaus on the call in my prepared remarks because actually, that's a really important point. We're seeing a lot of success right now in this sort of cross-sell motion where they come to us for one particular channel, online store, for example. That's the on-ramp in. And then over time, they really migrate towards this unified commerce platform with Shopify.

我在電話會議的事先準備發言中提到 Arhaus，因為那其實是一個非常重要的點。我們現在在這種交叉銷售（cross-sell）的推進上看到很多成功案例：他們先因為某一個特定通路而來找我們，例如線上商店。那就是切入點。然後隨著時間推進，他們會真正朝向 Shopify 的統一商務平台遷移。

In the case of Arhaus, we now are moving well beyond just e-com to point-of-sale into things like B2B and obviously agentic. So I think the commerce landscape has shifted. I think large enterprise brands see Shopify as the very best option, and we've built our team and our sales function around getting them to launch much faster than pretty much anyone else.

以 Arhaus 為例，我們現在已經遠遠不只是在電商（e-com），而是延伸到 POS（銷售點系統），以及像是 B2B，當然也包括代理式（agentic）。所以我認為商務版圖已經改變了。我認為大型企業品牌把 Shopify 視為最佳選擇，而我們也圍繞著讓他們比幾乎任何其他人都更快上線，建立了團隊與銷售職能。

And that'll continue, whether that's a migration of inventory or SKUs, or it's helping them understand how to modernize their stack. We feel like we really have nailed how to get more large merchants onto Shopify faster. Again, once they come to Shopify, they stay with us.

而這會持續下去，不論是庫存或 SKU 的遷移，或是協助他們理解如何讓技術堆疊現代化。我們覺得自己真的已經掌握了如何更快把更多大型商家導入 Shopify。再次強調，一旦他們來到 Shopify，就會與我們長期合作。

Thanks, Brian. We will now take a question from Mike Morton at MoffettNathanson.

謝謝你，Brian。接下來我們將接聽來自 MoffettNathanson 的 Mike Morton 的提問。

If we could maybe follow up on those comments, Harley. The question we get a lot is, for your total addressable market, what is serviceable? What we'd love to know, is there an upper bound on a GMV per merchant? Or is there may be a business model, like marketplaces, that you don't think are a right fit for Shopify over the long term? Would love to know how much of the TAM you think is serviceable.

Harley，我們或許可以針對剛才那些評論追問一下。我們經常被問到的是：就你們的總可服務市場（TAM）而言，哪些是可服務（serviceable）的？我們很想知道，單一商家的 GMV 是否存在上限？或者是否有某些商業模式（例如市集平台 marketplace），你們認為長期來看並不適合 Shopify？也很想了解你們認為 TAM 中有多少是可服務的。

That's part of, I think, the magic, the secret sauce or the magic sauce to Shopify, which is that we want to make sure that anyone who's starting a business at their mom's kitchen table uses Shopify. We know not all will succeed, but what we've seen over 20 years, that the ones that do stay with us indefinitely, and over time, they take more and more of our solutions. So we start by being important, we become incredibly important as they grow.

我想這正是 Shopify 的魔力之一——所謂的祕密配方或魔法醬——也就是我們希望確保任何在媽媽家廚房餐桌上開始創業的人都使用 Shopify。我們知道不是每個人都會成功，但我們在 20 年來看到的是：成功的那些會無限期地留在我們這裡，而且隨著時間推進，他們會採用我們越來越多的解決方案。所以我們一開始是重要的，隨著他們成長，我們會變得極其重要。

At the same time, getting more of these General Motors, for example, or Amer Sports, which owns Wilson and Salomon and Peak Performance, getting more of these more established retailers to come on. Burton Snowboards is something I think that Tobi has probably been salivating over since he started Snowdevil before Shopify. The fact that we're getting these as well suggests to us that there is no necessarily upper bound.

同時，讓更多像通用汽車（General Motors）這樣的企業，或是擁有 Wilson、Salomon 與 Peak Performance 的 Amer Sports 這類更成熟的零售商加入。Burton Snowboards 也是——我想 Tobi 自從在 Shopify 之前創立 Snowdevil 起，可能就一直很渴望拿下的品牌。我們也能拿下這些客戶，讓我們認為未必存在所謂的上限。

There are some merchants that just, it doesn't make sense. And there's not that many, but there are times where we may look at a particular type of business model and say, a full migration to Shopify may not make sense just yet. So that's where these things like Shop Pay as a commerce component really plays a great role.

確實有一些商家就是不太適合。雖然不多，但有時我們會看某一類商業模式並說：全面遷移到 Shopify 可能還不是最合理的選擇。因此像 Shop Pay 這種作為商務元件（commerce component）的產品，就能發揮很好的作用。

We'll say to them, look, start with Shop Pay, even if it's a marketplace, use it. We think you're going to see a conversion uplift. You're going to see this accelerated checkout experience that is going to be far better than whatever you have. It's a major draw. And then once they begin to work with us, we can begin to evaluate, how do we create this sort of cross-sell with them, or how do we get them to take on more?

我們會對他們說：你看，先從 Shop Pay 開始，就算你是市集平台也可以用。我們認為你會看到轉換率提升。你會看到這種加速結帳體驗，會比你目前擁有的任何方案都好得多。這是一個很大的吸引力。然後一旦他們開始與我們合作，我們就能開始評估：要如何與他們進行這種交叉銷售，或如何讓他們採用更多產品？

But in terms of upper bound, I don't think it's a GMV issue. We have merchants that are doing billions of dollars with a very small team. So there's no upper bound in terms of GMV. Complexity, I think we've gotten really good at. There is something for everyone now, whether that's headless or it's a commerce component.

但就上限而言，我不認為是 GMV 的問題。我們有一些商家用非常小的團隊就能做到數十億美元的規模。所以在 GMV 方面沒有上限。至於複雜度，我認為我們已經做得非常好。現在每個人都有適合的方案，不論是 headless，或是商務元件。

And again, we start with them early on, figure out how we can be very valuable, kind of underpromise but overdeliver to them in that first component. And over time, in the case of Arhaus or in the case of Canada Goose, we see them just taking more of our services. So I don't think there's an upper bound.

而且再次強調，我們會在他們早期就開始合作，找出我們如何能提供很高的價值，在第一個元件上做到某種程度的「少承諾、多交付」。隨著時間推進，以 Arhaus 或 Canada Goose 為例，我們看到他們持續採用我們更多的服務。所以我不認為存在上限。

I will say also on the international side, that's also where I think we are still under-penetrated. I think we've captured less than 1% of global retail sales. In the core geographies where we operate, the opportunity is still massive, but I still think we are, my team hears me gripe about this all the time, under-penetrated internationally, and it's growing. Obviously, we saw revenue grow. GMV was up 37% internationally this quarter. But there's a lot more we can be doing there because I think we are less known there than we are in our core geos.

我也想補充國際市場方面，我認為我們在那裡的滲透率仍然偏低。我認為我們只拿下了全球零售銷售額不到 1%。在我們營運的核心地區，機會仍然非常巨大，但我仍然認為——我的團隊常聽我抱怨這件事——我們在國際市場的滲透率偏低，而且正在成長。顯然，我們看到營收成長。本季國際 GMV 年增 37%。但我們在那裡還能做得更多，因為我認為相較於核心地區，我們在那裡的知名度較低。

Thanks, Mike. We'll take our next question from Terry Tillman at Truist Securities.

謝謝你，Mike。接下來我們將接聽來自 Truist Securities 的 Terry Tillman 的提問。

Harley, Jeff, and Shane, can you hear me okay?

Harley、Jeff、Shane，你們聽得到我嗎？

Yes.

聽得到。

Awesome. It's a multi-part question. On Shopify Catalog, how often is this actually now being a primary driver of demand gen and actually getting the new merchant?

太好了。這是一個多段式問題。關於 Shopify Catalog，現在它實際上有多常成為需求生成（demand gen）的主要驅動因素，並且真正帶來新商家？

And the second part of this is, Harley, let's go back a couple of years to COVID. There was a lot of folks that said, hey, I want to take my own destiny in my own hands. I'm an entrepreneur. I'm a builder. This feels like we're having another moment here. How does this compare to that moment in terms of this kind of builder economy around AI?

而這件事的第二部分是，Harley，讓我們回到幾年前的新冠疫情（COVID）。當時有很多人說，嘿，我想把自己的命運掌握在自己手中。我是創業者。我是建造者。這感覺像是我們又迎來了另一個時刻。就圍繞 AI 的這種「建造者經濟」而言，這和當時那個時刻相比如何？

Thanks for the question. Look, in terms of Catalog, this is real. If you just look at conversion of Shopify Catalog versus general search conversion, it's 2x. I'm comparing Catalog to just scraping a bunch of products. That's a 2x increase.

謝謝你的問題。你看，就 Catalog 而言，這是真實的。如果你只看 Shopify Catalog 的轉換率相較於一般搜尋的轉換率，是 2 倍。我是在把 Catalog 和單純抓取一堆產品來做比較。那是 2 倍的提升。

When you zoom it even further, conversion from AI search runs nearly 80% higher than traditional organic search as well. I've mentioned this on the call, but Catalog is the most important inventory of products that consumers want, and we've built it in a way that has super high fidelity, that knows, I don't know if you tuned in to Editions.dev two weeks ago, but we talked about these taste-driven attributes that we're now building in to Catalog things like, is it formal enough for a wedding? Does it have breathable fabric? What's the wrinkle tendency? Are these sneakers suitable for an endurance run? These sort of taste-driven attributes are things you can only get with Catalog.

如果你再把鏡頭拉近一點，AI 搜尋帶來的轉換率也比傳統自然搜尋高出將近 80%。我在這通電話裡提過，但 Catalog 是消費者想要的、最重要的產品庫存，我們以極高的擬真度（fidelity）來打造它；它能知道——我不知道你兩週前有沒有收看 Editions.dev——但我們談到我們正在把這些由品味驅動的屬性建進 Catalog，例如：是否夠正式可以參加婚禮？布料是否透氣？容易起皺的程度如何？這雙球鞋是否適合耐力跑？這類由品味驅動的屬性，只有透過 Catalog 才能取得。

Number one, I think consumers are finding, we have the data to back it up. Traffic on agentic is 3x year on year. Orders are up 3x as well. Then if you look at new buyers, new buyer orders from AI channels on Shopify are like 2x versus other channels. So one, we are already seeing, even though it's small relative to a very large GMV, we're already seeing agentic start to really expand the discovery of these products. That's on the consumer side.

第一，我認為消費者正在發現這點，而且我們有數據可以佐證。agentic 的流量年增 3 倍。訂單也同樣成長 3 倍。再看新買家，來自 AI 渠道的新買家訂單在 Shopify 上大約是其他渠道的 2 倍。所以第一，我們已經看到——即便相對於非常龐大的 GMV 來說它仍然很小——我們已經看到 agentic 開始真正擴大這些產品的發現（discovery）。這是在消費者端。

On the merchant side, yeah, I meet these very large retailers and the executive teams there literally every single week. Every one of them is being pushed to figure out what their agentic strategy is. By coming to Shopify, we take their agentic strategy off their plate. We make it so that they are the best positioned of any company. I think we talk about Catalog from the consumer perspective quite a bit, but it also is a driver to come to Shopify.

在商家端，是的，我幾乎每週都會與這些非常大型的零售商及其高階主管團隊見面。每一家都被要求要弄清楚他們的 agentic 策略是什麼。透過來到 Shopify，我們把他們的 agentic 策略從待辦清單上拿掉。我們讓他們在所有公司之中處於最有利的位置。我想我們常從消費者角度談 Catalog，但它同時也是促使他們來到 Shopify 的驅動因素。

On the second piece, certainly, you'll remember sort of the COVID run, we saw entrepreneurship exploding. People were using entrepreneurship to either supplement their income or if they lost their job, to find new income. Right now, when you look at things like Sidekick, it is remarkable how well that's going. Sidekick in particular, and again, Sidekick is different for every stage of merchant. But it is becoming a bigger part of how merchants build and run their businesses, and we're seeing that it's helping them reach early milestones faster. It's helping them make smarter decisions as they grow. It takes work off their plate.

至於第二部分，當然，你會記得 COVID 那一波，我們看到創業潮爆發。人們透過創業來補貼收入，或是在失業後尋找新的收入來源。而現在，當你看像 Sidekick 這樣的東西，它的表現好到令人驚訝。Sidekick 尤其如此——而且再次強調，Sidekick 對於不同階段的商家而言都不一樣。但它正成為商家建立與經營業務方式中更重要的一部分，我們也看到它正在幫助他們更快達成早期里程碑。它幫助他們在成長過程中做出更聰明的決策。它把工作從他們的待辦清單上移除。

And because we have so much context, only Shopify can build something like Sidekick. I mentioned on the call, but it's fascinating. We see that when you use Sidekick, the onboarding guidance that it gives you as you're just setting up a store, it drove an 8% increase in new merchants reaching five orders within 15 days. We know that if merchants get more orders earlier on, not only do they stay longer, but they tend to be more successful. This is really helping, and I think Sidekick and all the other tools we've made available are just making entrepreneurship far more accessible.

而且因為我們擁有如此多的脈絡資訊，只有 Shopify 能打造像 Sidekick 這樣的東西。我在這通電話裡提過，但這很耐人尋味。我們看到當你使用 Sidekick 時，它在你剛建立商店時提供的上線引導，讓新商家在 15 天內達到 5 筆訂單的人數提升了 8%。我們知道，如果商家在早期就獲得更多訂單，他們不僅會留存更久，也往往更成功。這真的很有幫助；我認為 Sidekick 以及我們提供的所有其他工具，正讓創業變得更容易被觸及。

We'll take our next question from Adam Wood at Morgan Stanley.

我們的下一個問題來自 Morgan Stanley 的 Adam Wood。

I have a question about Sidekick, coming back to that. So again, some very strong data in the quarter. Could you just go into a little bit more detail? You started there talking around the benefits to merchant outcomes, but could we see how retention is happening? How GMV growth is happening? How product attach is happening? Where merchants are using Sidekick as well as the traditional Shopify offerings? Over time, do you see that indirect monetization as the main driver? Or could those premium AI capabilities become a more direct pricing opportunity for you?

我有一個關於 Sidekick 的問題，回到這個主題。所以，再次強調，本季有一些非常強勁的數據。你能否再多談一點細節？你一開始談到它對商家成果的好處，但我們能否看到留存是如何發生的？GMV 成長是如何發生的？產品附加（attach）是如何發生的？商家在哪些情境下同時使用 Sidekick 以及傳統的 Shopify 產品？長期來看，你是否認為間接變現會是主要驅動力？或者，那些高階 AI 能力是否可能成為你們更直接的定價機會？

Look, we reserve the right to wake up smarter every single day. But in terms of monetization now, the business model is predicated on merchants doing well. The better merchants do, the better Shopify does, and Sidekick helps with that.

你看，我們保留每天醒來都變得更聰明的權利。但就目前的變現而言，商業模式是建立在商家做得好之上。商家做得越好，Shopify 就做得越好，而 Sidekick 會幫助做到這點。

I think what sets Sidekick apart from any other agent is that it understands the merchant's products, it knows the merchant's customers, it knows their transactions, it understands their storefront, it knows the entire history of the business. And that context allows it to give advice grounded in the actual practical realities of the merchants' businesses, and they can act on it as well.

我認為 Sidekick 與任何其他代理（agent）最大的不同在於：它理解商家的產品、了解商家的客戶、知道他們的交易、理解他們的店面（storefront），也知道整個業務的完整歷史。而這些脈絡讓它能提供立基於商家業務實際營運現實的建議，商家也能據此採取行動。

It's an advantage that actually gets stronger as Sidekick becomes connected to more of the work merchants do on Shopify. And it's because we have the merchant data and the transaction history that it can do it. What's really interesting is if you look at daily active merchants using Sidekick, it grew 3x year over year. Daily sessions are up 4.8x. If you actually look at what they're doing with it, merchants had nearly 34 million conversations with Sidekick in Q2, and they built 36,000 custom apps in Q2. That's up from 12,000 in Q1.

這是一種優勢，而且當 Sidekick 與商家在 Shopify 上做的更多工作連結起來時，這個優勢會變得更強。而這之所以能做到，是因為我們擁有商家數據與交易歷史。真正有趣的是，如果你看每日活躍使用 Sidekick 的商家數，年增 3 倍。每日工作階段（sessions）成長 4.8 倍。若你實際看他們用它做什麼，商家在第二季與 Sidekick 進行了將近 3,400 萬次對話，並在第二季建立了 36,000 個自訂應用程式。這高於第一季的 12,000 個。

The pattern is very clear here. More merchants are using Sidekick, and each merchant is finding new ways to use it. For new merchants, the first job is just getting that first sale, and then the next one. So I mentioned our onboarding is helping them get to that first five orders within 15 days faster. That is super important for momentum.

這裡的模式非常清楚。更多商家正在使用 Sidekick，而且每位商家都在找到新的使用方式。對新商家而言，第一個任務就是拿到第一筆銷售，然後是下一筆。所以我提到，我們的上線引導正在幫助他們更快在 15 天內達到前 5 筆訂單。這對動能非常重要。

What we also see is that as the business grows, Sidekick's role grows with it. During a merchant's first 30 days, 50% of the conversations are about store setup and design and theme configurations. But if you look at five years in, setup accounts for 8% because they're already at scale, and that's where analytics and reporting make up more than 40%. So the idea is Sidekick helps the merchant get launched, and over time, it becomes a way to understand the business, to spot new opportunities, to make better decisions.

我們也看到，隨著業務成長，Sidekick 的角色也會跟著成長。在商家的前 30 天裡，50% 的對話是關於商店設定、設計與主題配置。但如果你看五年後，設定只占 8%，因為他們已經達到規模化，而此時分析與報表占比超過 40%。所以概念是：Sidekick 幫助商家順利上線，而隨著時間推進，它會成為理解業務、發現新機會、做出更好決策的一種方式。

And we're already seeing power users, if I can use that term, of Sidekick, pushing it way further into things like advanced design or content or SEO or even product creation. The idea is it becomes more capable inside the flow of running the business, and it's the context it has across all of Shopify that makes it possible. We're really happy with this. We think more people will find success in entrepreneurship.

而且我們已經看到一些重度使用者——如果我可以用這個詞——把 Sidekick 推得更深入，應用到像是進階設計、內容、SEO，甚至產品建立等事情上。概念是：它在經營業務的流程中變得更有能力，而它橫跨整個 Shopify 所擁有的脈絡，讓這一切成為可能。我們對此非常滿意。我們認為會有更多人在創業中獲得成功。

One of the things I get to do as part of my job is I get to meet our largest merchants, and this is one of my favorite things is I often ask them how they themselves are using Sidekick, if they are. The ones who use it will show me right away what they're using. The ones who don't, I'm able to sit there at a meeting over coffee and show them.

作為我工作的一部分，我有機會去拜訪我們最大的商家，而這也是我最喜歡的事情之一：我常常會問他們自己是如何在使用 Sidekick（如果他們有在用的話）。有在用的人會立刻給我看他們正在用什麼。沒有在用的人，我就能在會議上、喝著咖啡坐下來示範給他們看。

I ask them often, what is the number one query you have currently for your data team? They'll say, well, I'm looking to know what is the exact city of where most of our customers are from. I'll say, just ask Sidekick right now, and Sidekick will pull it up within seconds. It is a mind-blowing experience for anyone who hasn't used it, and the ones that start using it continue.

我也常問他們：你目前對資料團隊最常提出的第一大查詢是什麼？他們會說，我想知道我們大多數客戶究竟來自哪一個城市。我會說，那你現在就直接問 Sidekick，Sidekick 幾秒內就能把答案拉出來。對任何沒用過的人來說，這是非常震撼的體驗；而一旦開始用的人，就會持續用下去。

Great. We'll take our next question from Deepak Mathivanan from Cantor.

很好。我們下一題請 Cantor 的 Deepak Mathivanan 提問。

Harley, AI model capabilities continue to expand at a pretty accelerated pace, and Shopify has always been at the forefront of building on these cutting-edge capabilities. Can you talk about a few areas where the recent advancements that we've seen with the Fable and GPT 5.6 series are enabling pretty good product improvements or perhaps improvements in operational capabilities for Shopify?

Harley，AI 模型能力正以相當快的速度持續擴張，而 Shopify 一直走在運用這些尖端能力的最前線。你能談談最近我們看到的 Fable 與 GPT 5.6 系列的進展，在哪些領域正為 Shopify 帶來相當不錯的產品改進，或是營運能力上的提升嗎？

Look, it should be very clear now, that AI is now baked into how Shopify operates. Every decision, every experiment, every merchant interaction, AI is helping us get smarter. And over the past year or so, we've really moved in from experimenting with AI to just rebuilding teams and our work around what it can do.

你看，現在應該很清楚了：AI 已經深度融入 Shopify 的運作方式。每一個決策、每一個實驗、每一次商家互動，AI 都在幫助我們變得更聰明。而在過去一年左右，我們確實已經從「用 AI 做實驗」轉向「圍繞 AI 能做到的事情，重建團隊與工作方式」。

The way we think about these models is we use the best model for the job. We use frontier intelligence where it matters. We use less expensive models where it's simply not needed. And everything that we've done runs through an internal proxy, which gives us incredible visibility, gives us control, gives us security. And then as soon as a task becomes repeatable, we look at how to move it to a more efficient model.

我們看待這些模型的方式是：為工作選用最合適的模型。在需要的地方，我們使用最前沿的智慧模型。在不需要的地方，我們使用成本更低的模型。而我們做的所有事情都會經過一個內部代理（proxy），這讓我們擁有極高的可視性、控制力與安全性。接著，一旦某個任務變得可重複，我們就會思考如何把它遷移到更高效率的模型上。

And actually, what's really cool is we now have a number of distilled models where we take a teacher model, usually a big frontier model, then teach it a specific use case to a smaller model, which results in much faster, less costly, and actually sometimes even better at the narrow task. I think Shopify is I think many of you have heard from the leaders of these models out there, Shopify is probably the most AI-pilled company in the world.

其實很酷的是，我們現在有不少蒸餾模型：我們先用一個教師模型（通常是大型的前沿模型），再把特定使用情境教給一個較小的模型，結果是速度更快、成本更低，而且有時在這個狹窄任務上甚至表現更好。我想 Shopify——我想你們很多人也聽過外面這些模型領導者的說法——Shopify 可能是全世界最「AI 上癮」的公司。

Certainly, credit to that goes to Tobi, who I think has been thinking about this longer than most and certainly put Shopify on the path of being AI reflexive before almost anyone else. But it's not just what we're using it for, it's also how we're using it, I think, sets Shopify apart.

這當然要歸功於 Tobi；我認為他比大多數人更早開始思考這件事，也確實讓 Shopify 在幾乎所有人之前，就走上了對 AI 具備反射式（AI reflexive）運作的道路。但不只是我們用 AI 做什麼，我認為我們「如何」使用 AI，也讓 Shopify 與眾不同。

Great. We'll now go to Todd Coupland with CIBC.

很好。接下來請 CIBC 的 Todd Coupland。

Great. I wanted to ask about free cash flow margins. Is roughly 20% the new normal, and how should we think about the levers around that?

很好。我想問自由現金流利潤率（free cash flow margins）。大約 20% 是否會成為新的常態？我們應該如何看待影響它的槓桿因素？

Thanks for the question. Apologize for my voice. I'm fighting a cold. Nothing's changed, Todd, in terms of how we look at free cash flow and the levers we have at our disposal. The gross margin is something where we've talked about in terms of any pressure we see on gross margin, we'll more than offset that with OpEx success.

謝謝你的問題。也抱歉我聲音這樣。我正在感冒。Todd，就我們看待自由現金流以及手上可運用的槓桿而言，沒有任何改變。毛利率方面，我們也談過：若毛利率出現任何壓力，我們會透過營運費用（OpEx）的執行成效來做超額抵消。

When you look at what we delivered in Q2, it was roughly 150 basis points. Ignoring the change on the MCAs, it was roughly 150 basis points above where we were last year. I don't think we can say, can we have a new normal? I would focus you on the guidance we gave for Q3. I would tell you we continue to drive more and more leverage through the system.

看我們在第二季（Q2）的表現，大約是 150 個基點。如果不考慮 MCAs 的變動，大約比去年高出 150 個基點。我不認為我們可以說是否存在一個「新的常態」。我會請你把重點放在我們對第三季（Q3）給出的指引。我會告訴你，我們會持續在系統中推動越來越多的槓桿效益。

We'll take our next question from Gabriela Borges from Goldman.

下一題請 Goldman 的 Gabriela Borges。

I wanted to ask you a little bit about headless, because you mentioned some of the tooling that your customers are building around the Shopify platform, for example, on Vercel. So talk to us a little bit about what you think is working well with the headless strategy and the second derivative implications for your model longer term as you become more entrenched in some of this third-party tooling.

我想請你多談一點 headless，因為你提到客戶正在 Shopify 平台周邊打造一些工具，例如在 Vercel 上。請跟我們談談你認為 headless 策略目前哪些地方運作得很好，以及當你們在長期上更深度嵌入這些第三方工具時，對你們商業模式的二階影響（second derivative implications）會是什麼。

Yeah, I think what Shopify offers that no one else does or can match is this composable architecture that you can come and take Shopify out of the box as is, which a lot of merchants, especially enterprise merchants, want. I think the days of some of these retailers, a cosmetic retailer having to have 100 engineers on staff and trying to keep up, I think those days are long over. I think that cosmetic retailers or brands want to focus on what they do best, which is making incredible cosmetics, and the same thing goes for any vertical.

是的，我認為 Shopify 提供了其他人做不到、也無法匹敵的東西：一個可組合（composable）的架構。你可以直接使用「開箱即用」的 Shopify，很多商家——尤其是企業級商家——都想要這樣。我認為過去某些零售商，例如美妝零售商，必須養 100 位工程師、還要努力跟上技術變化的日子，早就結束了。我認為美妝零售商或品牌想把重心放在他們最擅長的事，也就是做出令人驚豔的美妝產品；任何垂直領域都是同樣的道理。

What we try to do is we try to create this composable architecture where you tell us how you want to build. In some cases, they want headless, they want to use Hydrogen, and that works really well for them if they want to do some very complex commerce experiences. In other cases, they just don't need it.

我們努力做的是打造這個可組合架構，讓你告訴我們你想怎麼建置。有些情況下，他們想要 headless、想用 Hydrogen；如果他們要做非常複雜的電商體驗，這對他們來說非常合適。但在其他情況下，他們其實不需要。

Our job, though, is to provide them with effectively a ton of different on ramps into Shopify. The reason that the Shop Pay commerce component is so effective to us is because it's an easy way to get started with us. It begins this wonderful relationship. We get to prove to these new retailers that may not know us that we are the best at what we do, and over time, they can expand to us. The same thing goes with in terms of all these different agents or these other tools, like Vercel, for example, which are amazing tools to build these great web experiences.

不過，我們的工作是有效地為他們提供大量不同的「上手入口」（on ramps）進入 Shopify。Shop Pay 的 commerce component 對我們之所以非常有效，是因為它是一個很容易開始使用我們的方式。它開啟了一段很棒的合作關係。我們得以向這些可能還不認識我們的新零售商證明：我們在自己擅長的事情上是最好的；而隨著時間推進，他們可以逐步擴大與我們的合作範圍。同樣地，這也適用於各種不同的代理（agents）或其他工具，例如 Vercel 這類用來打造優秀網頁體驗的工具，真的很棒。

We want merchants to build however they want. The key, though, is underneath all of it sits this commerce retail operating system, which is Shopify. That's where your inventory is, that's where your transactions are, your customer data, your analytics are. We handle taxes for you and shipping for you, and all the messy complexity of commerce sits underneath it.

我們希望商家用他們想要的方式來建置。但關鍵是，在這一切之下，承載的是這個商務零售作業系統，也就是 Shopify。你的庫存、你的交易、你的客戶資料、你的分析都在那裡。我們替你處理稅務與運送，而所有電商那些繁瑣又複雜的事情都在底層由我們承擔。

But in terms of if there's a particular agent or an agentic application that any merchant retailer wants to use, they can do so, and they can do so because we have those extensions directly from them into Shopify. Each of them have a really great use case. It all feeds back into this centralized back office, which is Shopify, and I think that's the reason why pretty much every company, every partner, every application that helps merchants or helps a potential merchant start and get started faster, we want to partner with.

至於某個特定的代理或代理式（agentic）應用，只要任何商家零售商想用，他們都可以用；之所以能用，是因為我們提供了從這些工具直接延伸（extensions）到 Shopify 的整合。每一個都有非常好的使用情境。而這一切都會回流到這個集中式的後台，也就是 Shopify；我認為這就是為什麼幾乎每一家能幫助商家、或幫助潛在商家更快開始並更快上手的公司、夥伴與應用，我們都希望能與之合作。

I think we have a really good history. One of the first things I did when I got to Shopify 20 years ago was work on our partnerships. We have this great history of being able to find incredible collaboration with other companies, and I think it's because we know what we're really good at and we leverage what they're really good at.

我認為我們有非常好的歷史紀錄。我 20 年前剛到 Shopify 做的第一件事之一，就是負責我們的合作夥伴關係。我們一直很擅長與其他公司找到很棒的合作方式；我想這是因為我們很清楚自己真正擅長什麼，也會善用他們真正擅長的能力。

We will now take our last question from Arjun Bhatia.

我們現在來接最後一個問題，來自 Arjun Bhatia。

Harley, I'm curious, just it sounds like some of the agentic traction is starting to increase. Still very early, but I'm curious if there's any surfaces that are worth calling out where you're seeing an uptick in transactions or usage initially.

Harley，我很好奇，聽起來一些代理式（agentic）的動能開始增加了。雖然仍然非常早期，但我想了解是否有任何值得特別點出的介面/場景，你們在初期看到交易量或使用量有所上升？

And as a maybe follow-up to that, just how do you view the Shop app sort of playing a role in this agentic commerce era? It seems like there might be a lot more room there.

另外作為一個可能的追問，你如何看待 Shop 應用程式在這個代理式商務時代中所扮演的角色？看起來那裡可能還有更大的發展空間。

Yeah. Thanks for the question. To start on the agentic side, it is early, and the volume relative to $116 billion GMV is small. But the trends are really exciting, both in terms of growth we're seeing and the merchants we are seeing it uniquely benefit.

是的。謝謝你的提問。先從代理式這一側開始，確實還在早期階段，相較於 1,160 億美元的 GMV，量體仍然很小。但趨勢非常令人振奮，無論是我們看到的成長，或是我們看到它能特別受惠的商家類型。

I mentioned traffic is up 3x. I mentioned orders up 3x. New buyers from AI channels are 2x versus other channels. Conversion from our Catalog being 2x more than the general AI search is pretty remarkable. The thing that on a very personal level and I think at Shopify level we're really excited about is that these trends that I mentioned earlier, this 75% of AI-attributed purchases in Q2 being from outside the top 100 categories.

我提到流量成長了 3 倍。我提到訂單成長了 3 倍。來自 AI 渠道的新買家，相較於其他渠道是 2 倍。我們的 Catalog 帶來的轉換率比一般 AI 搜尋高出 2 倍，這相當驚人。就我個人層面、以及我認為在 Shopify 層面最讓我們興奮的是：我先前提到的這些趨勢——第二季 75% 的 AI 歸因購買來自前 100 大品類之外。

I'll tell you a quick example. We were looking for a screen-less phone for our daughter, for our 10-year-old, and I just started putting in my own prompt to look for different products. Five years ago, I would've done that in search, and I probably would've received some big box retailer selling a bunch of different random products. Instead, I was directed to the Tin Can phone, which is this amazing product, a Shopify merchant. The product's amazing. I never would've found it otherwise. So I think there's a real structural advantage for small, specialized independent businesses, and we're really lucky that that is a big chunk of the Shopify merchant base.

我給你一個簡短例子。我們在替女兒、我們 10 歲的小孩找一支無螢幕手機，我就開始用自己的提示詞去找不同產品。五年前，我會用搜尋來做這件事，而我很可能會看到某個大型零售商，賣一堆各式各樣的雜項產品。但這次，我被導向 Tin Can phone——這是一個很棒的產品，來自一位 Shopify 商家。產品非常棒。不然我根本不會找到它。所以我認為，小型、專精的獨立商家有一個真正的結構性優勢，而我們很幸運，Shopify 的商家基礎中有很大一部分正是這類商家。

In terms of Shop is getting really exciting. We see it continue to grow. It's this wonderful front door for commerce. It's one of the most important ones we are building, and it's becoming this daily destination for buyers with a high-intent discovery. Native GMV was up 70% year-over-year, and we're seeing things like CartSync represented 30% of Shop app GMV.

至於 Shop 方面，正變得非常令人興奮。我們看到它持續成長。它是商務的一個很棒的前門入口。這是我們正在打造的最重要入口之一，而且它正成為買家每日會造訪、帶有高意圖探索（high-intent discovery）的目的地。原生 GMV 年增 70%，而我們也看到像 CartSync 這類功能，占了 Shop 應用程式 GMV 的 30%。

CartSync is, if you haven't used it, is like magic, this idea that a shopper can move between the merchant's store and the Shop app without the cart breaking, having all your inventory filled there. It's becoming this incredibly rich experience.

CartSync，如果你還沒用過，真的像魔法一樣：讓消費者可以在商家的商店與 Shop 應用程式之間切換，而購物車不會中斷，並且把你的商品/庫存都帶過去。它正在成為一個極其豐富的體驗。

So Shop app is really starting to grow. We have a lot of work there, especially as things like Catalog and the agentic application gets built into it. But I would say that both agentic and the Shop app are two major legs of our stool for the future.

所以 Shop 應用程式確實開始成長。我們在那裡還有很多工作要做，尤其是當像 Catalog 與代理式應用被整合進去之後。但我會說，代理式與 Shop 應用程式，是我們未來兩大支柱。

With that, I just take a moment to close the call. I just want to start with something that I think I said last quarter on the call, which was, I said that AI is going to accelerate entrepreneurship more than any other job. Tobi mentioned that to me about a year ago, and I'm seeing that. I totally agree with him. We are already seeing early signs of that happening. Yes, Shopify Catalog is driving higher conversion. We are also, of course, seeing Sidekick helping merchants reach their first sale faster.

接下來，我想花一點時間做個結語。我想先從一件我認為上季在電話會議上說過的事開始：我說 AI 將比任何其他工作更能加速創業。大約一年前 Tobi 跟我提過這點，而我現在正在看到它發生。我完全同意他的看法。我們已經看到一些早期跡象。是的，Shopify Catalog 正在帶來更高的轉換率。當然，我們也看到 Sidekick 幫助商家更快達成第一筆銷售。

I want to zoom out from that for a second, because I think the true value of Shopify is so much bigger than any single product or feature, even any quarterly result. The value of Shopify comes from the compounding power of everything we've built over 20 years, all working together. And every new product helps our merchants succeed and drives more transactions.

我想先把視角拉遠一點，因為我認為 Shopify 的真正價值，遠遠大於任何單一產品或功能，甚至大於任何單季的結果。Shopify 的價值來自我們在 20 年間打造的一切所形成的複利力量，並且彼此協同運作。而每一個新產品都能幫助商家成功，並帶動更多交易。

Every transaction gives us more signal, making our products smarter. And smarter products then drive wider adoption. As our merchants scale, Shopify becomes even more valuable to them. I think that is a very powerful flywheel. It's powered by this durable operating model, strong operating model, and if I do say so myself, a truly world-class team.

每一筆交易都會給我們更多訊號，讓我們的產品更聰明。而更聰明的產品又會帶來更廣泛的採用。隨著商家規模擴大，Shopify 對他們而言也變得更有價值。我認為這是一個非常強大的飛輪。它由這個具韌性的營運模式、強健的營運模式所驅動，而且如果我可以這麼說，我們也有一支真正世界級的團隊。

Two weeks ago, we held our annual company-wide summit in Toronto. The energy inside the company at the summit, and frankly right now, is the highest I've felt in a very long time. I've never been more proud of this team. We are the world's commerce infrastructure, and whether it's the first-time founder making their first sale, or it's the largest retailers and brands in the world, or any builder at all, these exceptional results are not the product of one quarter. They are the result of 20 years of focused, discipline, hard work. I've said this before, and I think it's never been more true, we are still just getting started.

兩週前，我們在多倫多舉辦了年度全公司高峰會。高峰會期間公司內部的能量，坦白說包括現在，是我很久以來感受到最高的一次。我從未對這個團隊感到如此自豪。我們是全球的商務基礎設施；無論是第一次創業、完成第一筆銷售的創辦人，或是全球最大的零售商與品牌，或任何建設者，這些卓越成果都不是某一季的產物。它們是 20 年來專注、紀律與努力工作的結果。我以前說過，而我認為現在比以往任何時候都更真實：我們其實才剛開始。

So thank you for tuning into the call, and we will talk to you all next quarter.

所以謝謝大家收聽本次電話會議，我們下個季度再與各位交流。

Thanks, Harley. And thanks, Jeff. This wraps our second-quarter 2026 conference call. Thanks, everyone, for joining us, and we look forward to speaking with you all soon. Goodbye.

謝謝你，Harley。也謝謝你，Jeff。以上為我們 2026 年第二季電話會議的全部內容。謝謝各位的參與，我們期待很快再與各位交流。再見。